Wallet provider Ledger launches crypto debit card

Wallet provider Ledger launches crypto debit card

Cryptocurrency wallet and infrastructure provider Ledger has debuted a new debit card that enables users to buy goods and services with their digital assets, potentially opening the door to wider adoption of crypto payment services. 

The Crypto Life card, also known as “CL,” was introduced at Ledger’s biannual Op3n conference on Thursday. The debit card is linked to Ledger Live, a desktop and mobile application that enables Ledger users to buy, swap and stake cryptocurrencies. The CL card supports several cryptocurrencies, including Bitcoin (BTC), Ether (ETH) and stablecoins USD Coin (USDC) and Tether (USDT).

Our top trading bots

Cardholders have the option of instantly converting their crypto into fiat for the purpose of spending as well as obtaining a line of credit using their digital assets as collateral. The latter option gives cardholders the ability to use their debit card without having to sell their crypto. Users can also deposit their paychecks and select which percentage of their income they want to convert into BTC and ETH.

The CL card is set for launch in the first quarter of 2022 for users in the United Kingdom, France and Germany followed by a second-quarter rollout in the United States.

Ledger’s foray into the debit card market follows a strategic pivot into the decentralized finance, or DeFi, market. The company, which is known for its Ledger Nano S and Nano X hardware wallets, concluded a $380 million private financing round in June of this year, bringing its total valuation to $1.5 billion.

Related: Building a path to sustainable finance and blockchain adoption starts with payments

Payments are a highly touted but underutilized use case of the crypto economy. However, that appears to be slowly changing now that major players such as Mastercard have entered the crypto payments landscape. Meanwhile, crypto payments provider BitPay recently entered into a partnership with browser and wallet extension MetaMask to provide a payment gateway to tens of millions of new users.

Keep reading relating to Cointelegraph
Fed's Lael Brainard invites Congress to choose whether to compete with China's digital yuan
At her confirmation hearing in front of members of the Senate Banking Committee, Federal Reserve board of governors member Lael Brainard said Congress would...
Ether’s growth as independent asset fuels ETH-BTC flippening narrative
The narrative surrounding Ether (ETH) of it fast transforming into an independent asset has been around for some time now. However, the last few months...
US firm WisdomTree lists crypto ETP on Euronext
United States-based companies are increasingly listing cryptocurrency-based investment products in Europe, with asset manager WisdomTree getting another...
Bitcoin entering final stage of major bull trend, crypto analyst says
Trader and cryptocurrency analyst Alessio Rastani believes Bitcoin (BTC) is entering the final stage of the current bull market, which will propel the leading...
SEC was the only regulator unwilling to meet with Coinbase: Brian Armstrong
Coinbase CEO Brian Armstrong claims that the United States Securities and Exchange Commission is the only government branch that is unwilling to meet with...
Despite Bitcoin price crash, BTC is the internet of value transfer: Novogratz
The crypto market is back to major price swings followed by a Bitcoin (BTC) price crash on Tuesday, the day the largest cryptocurrency became legal tender...
Three Arrows Capital execs launch NFT fund
Executives hailing from Singapore-based fund manager, Three Arrows Capital (3AC), have launched a fund focused on collecting premium digital art in the...
French court sentences BTC-e operator Alexander Vinnik to 5 years
A court of appeals in Paris has upheld the five-year prison term in the case against BTC-e operator Alexander Vinnik.The court upheld a December 2020 verdict...
Steve Hanke warns BTC could 'completely collapse the economy' of El Salvador
Steve Hanke, a professor of applied economics at Johns Hopkins University, has warned that El Salvador’s recent adoption of Bitcoin (BTC) as legal tender...
Poor infrastructure stops farmers taking advantage of blockchain
While the agricultural industry stands to reap enormous efficiency savings through the adoption of distributed ledger technologies, many farmers lack the...
XRP Climbs 14% In Bullish Trade
Investing.com - XRP was trading at $0.53237 by 21:52 (01:52 GMT) on the Investing.com Index on Friday, up 13.62% on the day. It was the largest one-day...
VCs bet big on layer-two as StarkWare raises a staggering $75 million
As Ethereum gas fees soar and the demand for scalability reaches fever pitch, layer-two scaling solution has announced today a $75 million Series B funding...
The promoter of Alleged Scam BitConnect Arrested in India
At the start of 2018, an open-source cyber money platform BitConnect was clamped down by its promoters after being accused of deceiving clients and functioning...
Ether Expected to Outperform Bitcoin Before 2019, Survey Shows
Different participants in the sphere of blockchain expect the leading cyber coins in the world – bitcoin and ether – to prosper and their price to more...
British Invented a Device For Mining the Monero From the Air
Forget about video cards! The British Max Dovey, an artist and researcher at the Institute of Network Cultures, had a better idea: he invented a device...